BREAKING: Nigeria gets $18bn loan for oil and gas

Nigeria is in receipt of $18bn loan courtesy of African Export-Import Bank, Afreximbank.

The latter disclosed this on Wednesday in Abuja at the ongoing Nigeria International Energy Summit during the National Oil Companies Forum.

The Multilateral Financial Institution’s President, Prof. Benedict Oramah made the disclosure by proxy at the occasion.

Represented by the Executive Vice President, Global Trade Bank, Afriexim, Haytham ElMaayergi, Oramah said the bank is investing $30bn in projects bordering on oil and gas, with Nigeria receiving 60 per cent ($18bn) despite reduced global funding for hydrocarbon ventures in Africa.

“Our aspiration in the area of energy security and energy transition will remain aspiration unless we have access to adequate funding resources that we control. With a lot of international banks withdrawing funding out of the oil and gas sector, the investment in the industry has become severely limited with the corresponding impact on exploration and production.

“Afreximbank has intervened in a big way, quickly becoming the largest financier of oil and gas deals in the continent. The support provided to the sector by the bank is in excess of $30bn. Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent of the total funding of the sector.

“And it’s important to the point that afreximbank has been able to make those modest contributions in the oil and gas sector because the bank is predominantly African in ownership and control,” he stated.